Chris Macdonald, chief executive, said: "Last year was tough but successful. We believe that market conditions will remain volatile and, given the onset of RDR [in January 2013 the Retail Distribution Review regulation comes into force], that we are entering a period of significant change in the distribution landscape for financial services. We are fortunate that the group is well positioned, financially stable and with a large number of exciting opportunities.

"We have had an encouraging start to the new financial year with funds under management continuing to grow, enhanced by Braemar's appointment as property manager of the Ground Rents Income Fund plc and we look forward with confidence."